We could observe a horizontal trend on global copper market in last year. The starting point was 2.017 at the beginning of the year on the global copper market. The horizontal trend had continued until the end of October. With starting November and with surprising victory of Trump on US elections, the copper parity started to increase strongly. At the last days of November, the parity tested 2.667 level which was the highest level of the year. With no doubt, copper is one of the most positive affected from the election results in the USA.
Increasing copper demand in China, especially in mining operations, continues to support copper prices. Copper prices, which have maintained their uptrend for the last month, continue to rise on the sixth day, while demand growth in China, the world's largest copper consumer, supports this outlook. In technical terms, the 2.6670 level, which is supported by 50-unit moving average on copper contracts priced in a new channel movement on the 4-hour basis and at the same time as the channel's lower band, will be followed as main support. If this level breaks, then 2.6290 and then 2.5910 levels can be tested first. On the above side, breaking the 2.70 resistance may stimulate purchases of 2.7180 and 2.7450 from the beginning. Finally, the first forecasts of 2017 about copper market will be positive on the global forex market according to the many experts.
- Date: 13 December 2016 Tue 02:00
- Last Added
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